Exploring for Gold in the Rainy River and Red Lake districts of Northwestern Ontario
81m @ 5.08 g/t Gold, 28m @ 13.28 g/t Gold, 9m @ 12.88 g/t Gold, 46.6m @ 2.28 g/t Gold plus Bonanza grade Silver (up to 1760 g/t)
Message: New $ 5M PP: $1.00 FT/no warrant and $0.80 NFT + $ 1.20 half warrant
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Wed Mar 9, 2011 Bayfield Ventures Announces $5,000,000 Brokered Private Placement |
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Vancouver, BC - Bayfield Ventures Corp. (TSX-V: BYV) (FWB: B4N) (the "Company") is pleased to announce it has entered into a private placement financing arrangement (the "Flow-Through Offering"), led by Octagon Capital Corporation ("Octagon") on an agency basis, for aggregate proceeds of up to $2,500,000 of flow-through shares (the "FT Shares") at a price of $1.00 per FT Share. There will be no warrants attached to the FT Shares. The proceeds of the Flow-Through Offering will be used to incur Canadian Exploration Expenditures on the continued exploration of the Company's Rainy River gold project in NW Ontario prior to December 31, 2012. Rainy River gold properties claims map: http://www.bayfieldventures.com/i/pdf/BYVRRArea.pdf In addition, Bayfield also announces a further private placement financing arrangement (the "Non Flow-Through Offering"), led by Octagon on an agency basis, for aggregate proceeds of up to $2,500,000 of non flow-through units (the "NFT Unit") at a price of $0.80 per NFT Unit. Each NFT Unit will consist of one common share and one-half of one common share purchase warrant (the "Warrant"). Each whole Warrant is exercisable by the holder to acquire one common share of the Company for a period of 36 months from the closing of the Non Flow-Through Offering at an exercise price of $1.20 per common share. Octagon also has an option to increase the size of the Non Flow-Through Offering by up to 468,750 NFT Units for a period of up to 48 hours prior to the closing date of the Non Flow-Through Offering. Octagon will receive a commission fee of 7% in cash of the aggregate gross proceeds of the Flow-Through and Non Flow-Through Offering and 10% agent's warrants exercisable for a period of 36 months from the closing date of the private placement at an exercise price of $1.00 per common share. The proceeds of the Non Flow-Through Offering will be used to fund Bayfield's ongoing Rainy River mineral project located in Ontario and for general working capital. The completion of the private placement is subject to approval by the TSX Venture Exchange and other regulatory agencies. Closing is anticipated on or about April 7, 2011. About Bayfield Ventures Corp.: Bayfield Ventures Corp. is exploring for gold in the Rainy River District of north-western Ontario. The Company has approximately 54 million shares outstanding and over $6 million currently in its treasury. For further information on Bayfield Ventures Corp. (TSX-V: BYV), visit the Company's web site at www.bayfieldventures.com. For drilling updates, follow Bayfield on Facebook: http://www.facebook.com/group.php?gid=56518514278&ref=mf#!/group.php?gid=56518514278&v=wall . ON BEHALF OF THE BOARD OF DIRECTORS "Jim Pettit" |
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